New Gen Bitcoin Mining Machines ‘To Serve For 3-4 years’ + More News

Blockchain Exchange Mining Security

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Sead Fadilpašić

Journalist

Sead Fadilpašić

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2023 06:54 EDT

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Crypto Briefs is your daily, bite-sized digest of cryptocurrency and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

Mining news

• Hardware maker Bitmain says that newer mining rigs could be used for longer than previous devices due to a forthcoming market turnaround. Per media outlet 8btc, Bitmain chief Jihan Wu stated that bitcoin was about to enter “a slow-coming and long” bull market phase, meaning that “next-generation mining machines could serve for a longer time” of around three to four years. Wu opined that machines that are rolled out at the beginning of a bull market showed more longevity than those released “on the crest” of a bull market.
• Listed cryptocurrency mining company Riot Blockchain stated that the COVID-19 pandemic could seriously disrupt their Bitcoin (BTC) mining operations. In the general risks section of their annual 10-K report with the U.S. Securities and Exchange Commission (SEC), the company listed a number of potential risks. Among these, they stated that workers are being quarantined / self-isolated, the company’s supply chain is obstructed under border restrictions and factory closures, and Riot Blockchain is considered a “nonessential business,” meaning that the access to its rigs and offices may be cut off.

Security news

• Security experts say they have discovered a “network of BTC-to-QR-code generators” that has enabled malicious players to steal “more than USD 45,000 from users in the past four weeks.” Per ZDNet, at least nine active websites claim to allow bitcoin holders to turn longer wallet addresses into QR codes, but in fact “instead of converting an inputted bitcoin address into its QR code equivalent” such websites “always generated the same QR code – for a scammer’s wallet.”

Exchanges news

• The Tokyo District Court issued an order to extend the submission deadline for the Mt. Gox rehabilitation plan to July 1, 2020, Mt. Gox’s Rehabilitation Trustee announced today. According to him, “there are matters that require closer examination with regard to the rehabilitation plan.” The Trustee did not specify any further.
• Binance says it has decided to “delist all existing FTX leveraged tokens and corresponding trading pairs” and will stop trading as of March 31 at UTC 10:00. The exchange says it will “close deposits and withdrawals for all FTX-leveraged tokens” two hours before the delistings. The exchange says it took the decision due to a “lack of understanding of how leveraged tokens work” among many of its users.
• DeversiFi, a decentralized exchange, said it is burning USD 20 million (at current rates) worth of Nectar (NEC), a governance and utility token for its decentralized exchange. Their model is designed to further incentivize decentralized exchange participation, the adoption of Nectar and increase the token’s value and utility, the exchange said.
• Tether (USDT)’s operators say that USDT perpetual contracts has now been made available on crypto derivatives exchange Bybit, as well as KuCoin’s derivatives platform KuMEX. Per a press release shared with Cryptonews.com, the moves follow on from similar decisions from the likes of Bitfinex and OKEx. According to the release, Paolo Ardoino, Tether’s CTO stated, “We see more exchanges are following month after month.”

Blockchain news

• The Kakao Group’s Klaytn blockchain network was down for over 14 hours, per South Korean media reports from outlets such as Sports Seoul, as well as Decenter and Coin Readers. Some experts believe the network experienced an inter-node communication problem.
• Japanese blockchain content providers say they have developed a copyright platform powered by blockchain technology. Per Jiji, the Japan Blockchain Contents Initiative says that its new C-Guardian solution will help providers safeguard against potential copyright infringement, using machine learning algorithms to detect possible violations on websites and sharing sites.